OpenSys gets SC approval on Main Market transfer

by ANIS HAZIM / pic credit:

THE Securities Commission Malaysia (SC) has approved Opensys (M) Bhd’s application to transfer its listing status to the Main Market of Bursa Malaysia.

OpenSys, which was listed on the MESDAQ (now ACE) of Bursa Securities in January 2004 said it had fulfilled the requirement of achieving the minimum cumulative net profit of RM20 million in the past three years, despite the impact of the Covid-19 pandemic and subsequent Movement Control Orders.

“The steady bottomline enabled OpenSys to declare and distribute consistent dividends to shareholders on a quarterly basis since October 2018,” it said in a statement yesterday.

For the financial year 2019 (FY19) to FY21, OpenSys’ dividend payout ratio represented 37% to 40% of net profit.

Its CEO Eric Lim said the steady profit and dividend track record is underpinned by the group’s adaptive and resilient business model.

“This corporate exercise of transferring to Main Market is therefore fitting, as it signals OpenSys’ expanding business scope.

“We will continue to maintain our existing segment of implementing crucial services for financial services, telecommunications and utilities providers,” he said.

Additionally, Eric said that the group is poised to further strengthen as it develops and implements solutions to support its customers’ digitalisation initiatives.

“We support our customers’ business growth with more rollouts in the expansion phase and sustain their current suite of services by providing continuous maintenance during economic uncertainty,” he noted.

Simultaneously, its new technology platform-based services such as SmartCIT and online solar marketplace, buySolar have enjoyed increasing awareness and take-up from its target markets.

“Altogether, we believe that our growing earnings base and upcoming Main Market transfer would boost our appeal to a wider pool of investors, including the institutions,” he added.

OpenSys’ proposed transfer to the Main Market is subject to further approval from Bursa Securities and the extraordinary general meeting on a date to be determined.

Barring unforeseen circumstances, the transfer would be completed in the third quarter of 2022.